Paysend, a global money transfer platform, has grown to over seven million customers across 170 countries while running on Oracle NetSuite. With NetSuite, Paysend has been able to take advantage of an integrated business suite to automate financial processes, implement strict controls, gain a holistic view of its operations, and support its rapid global expansion.
Paysend was founded in 2017 with a mission to simplify cross-border payments, connect people and businesses, and increase financial inclusion globally. In 2021, Paysend secured $125 million in funding to expand beyond Europe and create new B2B services, but as its operations grew, its existing financial systems struggled to keep pace, with month-end processes taking more than 90 days. To support its growth, consolidate its financial management processes, and centralise its business-critical information to enable real-time analysis and decision making, Paysend selected NetSuite, including NetSuite OneWorld, as its global business management suite.
“Creating a single view of the business is a mission for us. It summarises how we want to work,” said Ronald Millar, co-founder and CEO, Paysend. “NetSuite has made the day-to-day easier for our people by reducing the time we spend on operational work and eliminating barriers to growth. Without NetSuite, we would not have been able to take our business to the next level – from local to global and from thousands to millions of transactions each month. The best part is we’ve only just scratched the surface of what we want to do.”
With NetSuite, Paysend has a scalable financial command centre to consolidate and automate its global financial operations across different regulatory environments and hundreds of currencies. For example, NetSuite has helped Paysend streamline financial reporting, improve forecasting, support its tax and reporting requirements across its subsidiaries around the world, and implement robust internal controls for spend and auditing. In addition, the in-depth financial analysis within NetSuite has enabled Paysend to easily monitor the performance of its product lines and geographies in granular detail. The insights provided by NetSuite have helped Paysend inform strategic direction and demonstrate operational efficiency to investors.
“The remittance industry is big business. As more people use financial platforms to pay for goods and services and to pay one another, there is a huge opportunity for innovators like Paysend,” said Nicky Tozer, SVP, EMEA, Oracle NetSuite. “With NetSuite at its core, Paysend has been able to rapidly and efficiently expand its business to seven million plus customers and has a scalable platform to support its continued international growth.”
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